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Transfer of Rights
Article 57. When a negotiable transport document or negotiable electronic transport record is issued
1. When a negotiable transport document is issued, the holder may transfer the rights incorporated in the document by transferring it to another person:
(a) Duly endorsed either to such other person or in blank, if an order document; or
(b) Without endorsement, if: (i) a bearer document or a blank endorsed document; or (ii) a document made out to the order of a named person and the transfer is between the first holder and the named person.
2. When a negotiable electronic transport record is issued, its holder may transfer the rights incorporated in it, whether it be made out to order or to the order of a named person, by transferring the electronic transport record in accordance with the procedures referred to in article 9, paragraph 1.
COGSA 1992 does not explicitly lay down how bills of lading within the Act need to be transferred and endorsed. In defining a “bill of lading” at section 1(2)(a) and “holder” at section 5(2), however, the Act implicitly reflects the assumptions which are made explicit at Article 57.
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